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The Globe and Mail

Connacher Oil and Gas extends deadline for court-supervised bid submissions

An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014.

© Todd Korol / Reuters

Connacher Oil and Gas Ltd. has extended the bid deadlines for the sale of its oilsands leases and extraction plants by two weeks, at the request of interested parties.

The Calgary-based company is operating under court protection from creditors as it deals with depressed prices for oil and its limited ability to raise capital.

Prospective buyers originally had until June 30 to submit initial non-binding letters of intent. That has been extended to July 14, followed by a second-phase bid deadline of Aug. 10.

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Connacher's assets include two extraction facilities that produced about 14,500 barrels per day in 2015. The company previously said their output had been reduced to 8,000 barrels per day due to low commodity prices.

The company also has 87,000 net acres (35,200 hectares) of oilsands leases southwest of Fort McMurray, Alta. At 2015 production rates, they represent 40 years of reserves.

The company announced Friday that it's aiming to receive court approval of a successful bid in late August and close the transaction by Aug. 31.

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